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S Korean economy recovers amid growing external uncertainties

Updated:2010-02-04 15:01:56

South Korea's domestic economy continues to recover despite of temporary risk factors and rising external uncertainties, the government said Thursday, vowing to maintain its expansionary fiscal policies.

The domestic economy continues to recover alongside with the world economy, but external uncertainties are growing such as rising oil prices, credit instability in the European market, a monthly report written by the finance ministry said.

To guard against lingering uncertainties, the government will continue carrying out expansionary macroeconomic policies including front-loading larch chunks of the planned fiscal spending during the first half of the year, the ministry said.

Asia's fourth-largest economy is expected to see a trade account surplus in February thanks to growing exports, bouncing back from the first deficit in 11 months of 470 million U.S. dollars a month earlier, the ministry added.

Seoul's economy in mid-2008 took a hard blow amid the global financial crisis as its export-driven economy lost steam, but it has recently seen nascent signs of an economic recovery with better-than-expected economic indicators suggestive of an upturn.

Despite rosy signs, the government repeatedly said South Korea will remain in so-called "emergency economic rescue mode" during the first half of this year without seeking an exit strategy, while focusing primarily on job creation.

 

 

Source:http://news.xinhuanet.com

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